fiscal cliff or not. what do you make of that? >> first of all, we obviously see these things in terms of one-year period. if you add up january 1 of 2011 through let's say december 31st, 2012, a two-year period, let's say the markets end up a little bit more they're still going to be up about 8% annualized for two years. which is a really good compared to 1 1/2% on a 10-year note. but hardly what you would call this massive bull market a la the 1990s and 1980s. >> it's nice. but zach, if i could have had 8% a year for the last 15 years, you have to be in better shape than how i actually am. in the last 15 years it hasn't done anything. >> i think this is a testament to the fact the only game in town, you do talk about this a lot, larry, is that companies are net net relative to national economies better run and making money. so if you're going to invest in something, sovereign debt which we now know is not nearly as risk free as it looks is yielding a little amount of money because sovereigns are not effectival caters of capital.